Market Size of Canada Cardiovascular Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Cardiovascular Devices Market Analysis
The Canadian cardiovascular devices market is expected to register a CAGR of 3.8% over the forecast period.
The market for cardiovascular medical devices was negatively impacted, particularly in the initial period of the pandemic, owing to the cancellation of elective surgeries during COVID-19-related lockdowns in Canada. Even though some cardiovascular treatments were treated as urgent, others were put off or delayed during the pandemic. However, postmarket vaccine-safety surveillance systems in multiple countries identified a likely association of myocarditis or pericarditis with mRNA COVID-19 vaccination. Hence, to identify the outcome, the country's government is funding the diagnosis of myocarditis or pericarditis. For instance, in October 2022, the Canadian Cardiovascular Society (CCS) received USD 1.6 million from the Canadian government to conduct the study of the clinical and functional outcomes of adults and children who experienced myocarditis and/or pericarditis after receiving an mRNA COVID-19 vaccination. Thus, new funding for identifying cardiovascular diseases after the COVID-19 vaccination is increasing the demand for cardiovascular diseases (CVD).
The major factors driving the growth of the market in Canada are the increasing burden of cardiovascular diseases, the high prevalence of CVD risk factors like diabetes, hypertension, etc., and the increased adoption of minimally invasive procedures. Cardiovascular diseases are the most prevalent across the country. For instance, as per the data published by the Heart and Stroke Foundation Canada in February 2022, 750,000 people have a heart failure and 100,000 people are diagnosed with this incurable condition each year in Canada. As per the same source, one in three Canadians is affected by heart failure, either personally or through a family member or close acquaintance. Hence, the high burden of cardiovascular diseases in the country increases the demand for cardiovascular diagnostics, which is expected to boost the market over the forecast period.
Technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This trend has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. For instance, in July 2022, Abbott launched EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform designed to help physicians better treat abnormal heart rhythms in Canada. The new platform allows for the creation of a 3D model of the patient's cardiac anatomy in real-time and helps in treating areas of the heart.
However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.
Canada Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular diseases are a group of disorders of the heart and blood vessels, including coronary heart disease, peripheral arterial disease, congenital heart disease, and cerebrovascular disease.
The Canadian cardiovascular devices market is segmented by device type (diagnostic and monitoring devices (electrocardiogram (ECG), remote cardiac monitoring, and other diagnostic and monitoring devices), and therapeutic and surgical devices (cardiac assist devices, cardiac rhythm management devices, catheter, grafts, heart valves, stents, and other therapeutic and surgical devices)). The report offers the value (in USD million) for the above segments.
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Canada Cardiovascular Devices Market Size Summary
The Canadian cardiovascular devices market is poised for steady growth, driven by an increasing prevalence of cardiovascular diseases and the rising adoption of minimally invasive procedures. The market experienced initial setbacks due to the COVID-19 pandemic, which led to the postponement of elective surgeries and a temporary decline in demand. However, the government's proactive measures, such as funding studies on myocarditis and pericarditis linked to mRNA COVID-19 vaccinations, have spurred demand for cardiovascular diagnostics. The high burden of cardiovascular conditions, coupled with risk factors like diabetes and hypertension, underscores the need for advanced cardiovascular devices. Technological advancements in cardiology devices, such as the EnSite X EP System, have enhanced patient management and treatment outcomes, further propelling market growth.
The market is also witnessing a surge in the adoption of portable and wireless ECG devices, driven by the need for long-term monitoring and remote diagnostics. Wearable smart devices with heart-monitoring capabilities are becoming increasingly popular, reflecting the rapid technological advancements in cardiac monitoring. The growing elderly population, particularly those over 80, is expected to boost the demand for cardiac rhythm management devices, such as pacemakers and implantable cardioverter defibrillators. Government investments in cardiac rhythm management services, like the deployment of automated external defibrillators in public schools, are further supporting market expansion. The competitive landscape is marked by the presence of key players such as Abbott Laboratories, Boston Scientific Corporation, and Medtronic, who continue to innovate and expand their offerings in the Canadian market.
Canada Cardiovascular Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Burden of Cardiovascular Diseases (CVD)
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1.2.2 High Prevalence of CVD Risk Factors, like Diabetes and Hypertension, and Increased Preference for Minimally Invasive Procedures
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Policies
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1.3.2 High Cost of Instruments and Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Device Type
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2.1.1 Diagnostic and Monitoring Devices
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2.1.1.1 Electrocardiogram (ECG)
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2.1.1.2 Remote Cardiac Monitoring
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2.1.1.3 Other Diagnostic and Monitoring Devices
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2.1.2 Therapeutic and Surgical Devices
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2.1.2.1 Cardiac Assist Devices
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2.1.2.2 Cardiac Rhythm Management Device
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2.1.2.3 Catheter
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2.1.2.4 Grafts
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2.1.2.5 Heart Valves
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2.1.2.6 Stents
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2.1.2.7 Other Therapeutic and Surgical Devices
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Canada Cardiovascular Devices Market Size FAQs
What is the current Canada Cardiovascular Devices Market size?
The Canada Cardiovascular Devices Market is projected to register a CAGR of 3.80% during the forecast period (2024-2029)
Who are the key players in Canada Cardiovascular Devices Market?
Biotronik, Boston Scientific Corporation, Siemens Healthcare GmbH, Medtronic and Cardinal Health are the major companies operating in the Canada Cardiovascular Devices Market.
